Sooner or later, every business needs capital to start up, expand and/or survive. Although more loans are being given to women business owners, the bad news is your loan application may still be rejected -- not because you are a woman, but because bankers want to feel confident that you and your business are a good investment. Here are some guidelines to help you:
Assemble the following:
A business plan
Your business' cash flow projections
3 years company tax returns (if applicable)
A personal financial statement
Research
Talk to your own financial institution first. Ask them what kinds of businesses they give loans to.
Talk to other women business owners in your area or in your industry who may give you tips, or leads on lending institutions with which they were successful in getting a loan.
Check with community business associations like the Chamber of Commerce, a home business association or a local chapter of the National Association of Women Business Owners to see what micro-lenders exist in your town.
Ask your state senator or state representative if there are special state loan programs for women and minority business owners.
Contact your local Small Business Development Centers and/or Women's Business Centers, which are sponsored by the U. S. Small Business Administration (SBA), for information about the availability of SBA LowDoc Loan Programs.
Brian Solomon is a Web Editor for TMCnet, covering news in the IP
communications, call center and customer relationship management industries. To see more of his articles, please visit Brian Solomon’s columnist page.
Don't forget to check out TMCnet’s White Paper Library, which provides a selection of in-depth information on relevant topics affecting the IP Communications industry. The library offers white papers, case studies and other documents which are free to registered users.
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